Bank of America to Cut Ties with Private Prison Companies

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Bank of America will stop financing companies that run private prisons and detention facilities, the Charlotte-based bank said this week, The Charlotte Observer reports. It becomes the latest large U.S. bank to pull back on doing business with the private-prison industry amid concerns about the treatment of immigrants detained under the administration of President Donald Trump. Such concerns have focused on conditions in facilities that house detained immigrants, as well as the administration’s policy of separating migrant children from family members.

The announcement also came the same week a photo was published reportedly showing a migrant and his 1-year-old daughter both dead along the banks of the Rio Grande after drowning while trying to cross the river near Brownsville, Texas. Bank of America Vice Chair Anne Finucane told Bloomberg on Wednesday that the bank will stop doing business with firms that provide prison and immigration-detention services, the news outlet reported.

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